Amvescap PLC

AIM Investments (AIM) and INVESCO Funds Group (IFG), U.S. subsidiaries
of AMVESCAP PLC, were among a large group of mutual fund companies
that were asked in 2003 by the U.S. Securities and Exchange Commission
(SEC) and the New York State Attorney General (NYAG) to supply
information on market timing and related issues. In response, AMVESCAP
retained outside counsel to conduct an extensive review of these
matters, and on December 2, while the review was in progress, the SEC,
NYAG, and the Colorado Attorney General filed civil enforcement
actions against IFG.

Based on the information available at that time, AMVESCAP concluded these
actions were not merited and would be contested. Recently, AMVESCAP's ongoing
review found situations in which its procedures designed to protect its funds
and their shareholders from the potential adverse impact of frequent trading and
illegal late trading through intermediaries were not completely effective. These
findings were based, in part, on an extensive economic analysis by outside
experts retained by AMVESCAP to examine the impact of these activities on its
funds.

Based on this new information, the company has informed regulators of its most
recent findings and is seeking to resolve both the pending enforcement actions
against IFG and the ongoing investigations with respect to AIM.

AMVESCAP's Board of Directors and management are committed to taking the
following actions in cooperation, where appropriate, with the Trustees of the
AIM/INVESCO Funds:

� Any mutual fund or its shareholders harmed by these activities will receive
full restitution. We will rely on independent experts to determine the extent of
the harm in each situation.

� AMVESCAP will cooperate fully with regulators and other authorities to resolve
all issues related to their enforcement actions and investigations.

� While AMVESCAP takes complete responsibility for making full restitution to
any mutual fund or its shareholders harmed by these activities, legal action on
behalf of shareholders may be initiated against any third party found to have
facilitated late trading or any other illegal activity.

� A comprehensive review of our mutual fund policies, procedures, and practices
will be undertaken by outside counsel to ensure they rank among the strongest
and most effective in the industry.

There remains no evidence in our continuing review that AIM or IFG knowingly
permitted late trading in its funds. As soon as our review is complete, AMVESCAP
will make public its findings.


For Immediate Release
Contact: Douglas B. Kidd
Phone:   +1-404-479-2922
E-Mail:  doug_kidd@amvescap.com